Mortgage payment protection insurance UK: protects your mortgage or loan payments in the case of an accident, sickness or unemployment. If you go online you can compare over fifty mortgage payment protection insurance policies. In some cases you can choose the required amount of cover and the period of cover to suit your personal needs. Some insurance providers now also offer a price promise and being confident that you will not be able to buy any cheaper.

Payment protection insurance can offer protection for a mortgage, loan or loss of income.

Your mortgage provider will insist on you taking the mortgage insurance with them but mortgage insurance is not compulsory and you have the choice of either buying from your mortgage provider or independently from a specialist broker or from one of the many online protection insurance providers. The premiums for mortgage protection are not cheap and you will have to investigate on how much you can afford based upon your outstanding mortgage value.

The mortgage insurance helps protect you and your lender just in case there is a shortfall in payments.

When you apply for a mortgage make sure that all your mortgage outgoings are explained to you. Make sure you obtain a copy of your policy and read the keyfacts or any exclusions which may cause a future problem. Try and obtain a minimum of three quotations for your protection insurance. Paying the lowest premiums will able to protect your mortgage or loans but not your other outgoings such as electricity bills, council tax, etc.

It may be an good idea to investigate what your outgoings are and how much extra insurance you will need just in case you do not receive the right unemployment payments. For instance, if you can afford it, it may be better to pay a higher premium for the maximum cover possible. This way you will be guaranteed not to loose out in adequate social security payments.

Mortgage payment protection insurance UK: Would you pay a small amount per month or have your home repossessed? What is it like sitting outside your own fence with other people living in your house? What premium for mppi should I pay, lowest or the highest affordable? Will the government bail me out?

ONLY A THIRD OF ALL MORTGAGES HAVE INSURANCE

SHOP ON THE INTERNET TO FIND CHEAPER QUOTES OR COVER AND COMPARE BEST MPPI COMPANIES

RE-MORTGAGING WILL REQUIRE AN INCREASE IN MPPI COVER

SOME MORTGAGES HAVE FREE COVER FOR A SHORT ONE YEAR INITIAL PERIOD

SAFE GUARD YOU AND YOUR LOVED ONES

IF YOU BECOME UNEMPLOYED YOU WILL BE ABLE TO CLAIM

MPPI protects against the unfortunate case when you are no longer able to pay your mortgage due to some sort of unforeseen event. ADVISABLE FOR A LOT OF HOME OWNERS. For example, redundancy, unemployment, sickness or accident; due to no fault of your own making.IMPORTANT TO CONSIDER PROTECTION AGAINST LOSS OF YOUR HOME. The insurance covers against involuntary unemployment, hospitalisation and specialist care. ILLNESS AND UNEMPLOYMENT IS BECOMING QUITE COMMON.

The insurance company will pay a certain amount per month to cover your mortgage payments or other insured payments (such as bills). PAYING A SMALL AMOUNT EACH MONTH PROVIDES A MONTHLY INCOME. This sometimes called income protection and accident, sickness and unemployment protection (ASU). PAYOUT IS DEPENDANT ON YOUR MONTHLY PREMIUM. Being unemployed means less income for the household and less money to pay all your out going bills. MPPI is required to protect your most valuable asset, your home. The future is very unpredictable and the government ruleschange like the weather. IMPORTANT TO HAVE IN PLACE MORTGAGE PROTECTION INSURANCE. We are already taxed highly and in times of trouble after paying tax all your life, you are treated with the least amount of income support.

The three options for insurance cover are:

Combined ASU policy.

Accident and sickness insurance.

Unemployment insurance.

Not all MPPI policies are the same and there is no obligation to buy an expensive policy from your lender. In fact, there is no legal obligation to take up this type of insurance policy. COMPARE THE MARKET TO SAVE. Check out the suitability of the policy, the small print, the exclusions, as the policy may not be appropriate to your circumstances. THE PREMIUMS ARE MORE EXPENSIVE WHEN DEFERMENTS PERIODS ARE SHORTER.

High street lenders will try to tie you up with an expensive and possibly unsuitable policy. The claims procedure can be lengthy and you may need to be registered as unemployed with the Job Centre. Mortgage payments from the government only covers the interest portion of your monthly payments. Also, the policy may be unsuitable for your circumstances.

It is in times of upheaval, recession or depression that you will need the most help. Even company directors or business owners need to protect themselves. Ordinary employees with mortgages must have insurance for their mortgages or loans. Self insurance can be a futile task as the amounts involved are too high to risk. The bailiffs may be sent in and you may be locked out of your home. Your husband or wife and children will suffer. Do not struggle and say it will be fine, be prepared. Take action now. You will have household bills to pay, food to buy and car expenses. It is a worrying time.

Independent financial advice can also be obtained, as unemployment cover can be complicated for those with medical issues.

Does MPPI apply to you:

·Will the government unemployment benefit cover me? Depends on your savings, number of children and your age.

·Where can I obtain a quote or rates for insurance premiums? Normally, by searching the internet.

·How long will I be protected for? Normally 1 or 2 years in any one claims period. There is a three month re-qualification period after each claim.

·Will I be covered for an existing illness? Normally not.

·I am being made redundant. If you know you are going to be made redundant, the insurance policy will not cover you. Unless you can prove that you took up the policy before your redundancy notice from your employer.

·When will the policy pay? Normally after a waiting period of 0, 30, 60 or 90 days DEFERMENT period, depending upon which option you took in the first place. The zero option is more expensive. Back to day one means payment will start from the first day of your claim.

·How much will I be paid? Normally the mortgage payment amount insured. This covers the building society or bank and so they don’t lose out. The upper limit of cover can be as much as 2000 pounds and cover is available from specialist insuers.

·Can I cancel my policy? Yes, at any time after giving one months’ notice.

·How easy is it to make a claim? Ring the insurance provider, fill out all the forms, provide all the evidence and copies of unemployment benefits being received.

·Should I obtain the maximum protection? Yes, if you can afford it. The unemployment benefit is approximately eighty pounds per week and this is very low for a modern society like the UK.

You must not have had reoccurrence of medical treatment for a period of twelve months.

You take up seasonal or short term employment.

You know of unemployment or voluntary unemployment.

You have dismissed because of non compliance with your employment conditions.

You have been dismissed due to misconduct.

You are sick without yours doctor certifying your condition.

You have self harmed yourself.

You have become pregnant.

If you are outside the UK for more than ninety days.

Claims procedure and steps:

Telephone your insurance company and explain what has happened.

You have been unable to work for a continuous period of thirty days or more days depending on the nature of the claim.

Compliant procedure:

Contact the place where you bought your policy.

Write to the administrator of the policy.

If the issue is still not resolved get in touch with the Financial Ombudsman Service within eight weeks.

Cancellation:

You can cancel a typical policy within thirty days provide you have not made a claim by writing to the administrator.

Government help:

Those who took out a mortgage after 1 October 1995 will have to wait nine months before government help. The claimant must be registered with the Job Centre and receiving income support. You must not have savings greater than 8000 pounds. The interest received only covers the first hundred thousand pounds.

Those who took out their mortgage before 1 October1995 will have to wait three months before government help happens.

Applying for MPPI:

You need to obtain some mortgage protection insurance quotes.

Insurance providers are mainly on the internet.

The date you were born is important.

The limit of benefit required is also important.

Cover for addition items as bills to protect the home such as home insurance, contents insurance, life insurance, illness insurance. Etc needs to be assessed.

There is a limit of 75% of your gross income which can be insured.

The period or term the insurance will be applicable for.

The deferment period is important as it determines the cost of the monthly premium. The Shorter the deferment period the higher are the premiums.

Your resource for mortgage payment protection insurance UK, England, Scotland, Wales and Northern Ireland. Home loans are essential in order that we can have a single or joint home mortgages. Mortgage lenders are a good source of mortgage loans at good rates or premiums. If you are refinancing your home mortgage or loan in order to obtain a better loan rate deal, get a re-quote on your mortgage insurance policy. If somehow you loose your income MPPI will be useful as you will have loan protection in place.

If you think that you have been mis-sold your MPPI, you should complain and get some money back.

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